Corpus Christi apartment sales up 400%: Hendricks-Berkadia
CORPUS CHRISTI – Transaction activity and dollar volume in Corpus Christi soared in 2013. Deal flow more than doubled from seven sales to 16 transactions last year, according to Hendricks-Berkadia.
Total dollar volume increased more than 400 percent to $221.3 million. Investors specifically targeted properties with 100 or more units in Nueces County that were built prior to 1980.
The average price per unit increased 65.5 percent to $59,051, as properties built prior to 2000 drove the average price per unit higher, selling for an average $91,100 per unit. Buildings built before 2000 sold at an average price per unit of $37,690.
The price per sf rose 43.9 percent to $72.09 last year, as a result of deals involving Class A properties built after 2000, which sold for an average of $106 per sf. Properties build prior to 2000 sold for $46.40 per sf.
| 2013 | 2012 | Change | ||
| 100+ unit sales | Average price (per unit) | $61,183 | $39,537 | 55% |
| Average price (per sf) | $77.32 | $45.93 | 68% | |
| Transaction count | 15 | 3 | 400% | |
| Total volume | $218,377,076 | $44,471,787 | 391% | |
|
Less than 100 unit sales | Average price (per unit) | $39,865 | $32,768 | 22% |
| Average price (per sf) | $40.76 | $54.24 | -25% | |
| Transaction count | 1 | 4 | -75% | |
| Total volume | $2,950,000 | $8,175,000 | -64% | |
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